Accessible version Kweichow Moutai Co. Ltd. (A) 2Q miss but 2H recovery still on track; key beneficiary of fund flows Reiterate Rating: BUY | PO: 1,630 CNY | Price: 1,342 CNY 2Q26 result highlights 1) Moutai liquor's sales were -5.2% in 2Q26 (core Moutai -1% & series liquor -25%). In terms of volumes, we estimate Feitian/customized liquor to be +10%+ /-20%+. In terms of revenue, we estimate Feitian/customized liquor to +20%+ /-30%+. 2) Advance payment from customers was -42% YoY/+5% QoQ, due to a revenue mi ...